Today we shall be looking at what Blockfi.com is. What is the reason behind its popularity? What are the direct benefits that you can reap from using it? Such are some of the things that I will be helping you understand today. We shall deal with all of these in the sections below:
- What is Blockfi.com?
- Why the BlockFi Interest account?
- How does one apply for a BlockFi Account?
- What are the Withdrawal Limits and Fees on a BlockFi Account?
- Is BlockFi Safe?
- Can you trade using a BlockFi.com account?
- Is BlockFi Genuine?
- Pros and Cons
Official Website URL: https://blockfi.com/
Overall rating: (4 / 5)
What is Blockfi.com?
Blockfi.com exists as a financial management platform that focuses on cryptocurrency assets. BlockFi, the company that owns Blockfi.com, is a privately held firm that is based in NYC. This company was founded in 2017. This company works with the following assets mainly:
Other assets that you can find on Blockfi.com include GUSD and USDC, which are both USD-based stablecoins.
The most popular product that Blockfi.com offers to its users is a BlockFi Interest Account. This account is one that digital asset owners have found quite users invaluable. This account has the following key benefits:
- It is available on a global scope in all the non-sanctioned countries.
- You can make withdrawals at any time ( you get one free withdrawal monthly)
- It offers a very simple registration process
- It keeps your crypto assets very securely – all deposits are held by Gemini Trust Company.
- It offers very competitive interest rates on the cryptos they own- as of now, the interest rates are applicable to BTC, ETH, as well as GUSD.
BlockFi clients can also access loans that are backed by cryptos.
Why the BlockFi Interest account?
This account exists as the only crypto storage option which offers reasonable interest rates on crypto assets held within them, to the extent that these rates compete with the interest rates applied on the non-crypto currency assets. For instance, a high-interest rate account offered by Ally Bank has a 1.6% interest rate, whereas the BlockFi Interest Account has a 5.1% APY on Bitcoin assets. To be more precise, here are the rates that BlockFi applies to the cryptocurrency assets:
- Bitcoin- 5.1% APY on deposits under 5BTC, and 2.2% APY on deposits above 5BTC.
- Ethereum- 3.6% APY on deposits under 500 ETH, and 0.5% APY on deposits above 500 ETH.
- Litecoin – 3.8% APY on all deposits
- Geminin Dollars – 8.6% on all GUSD deposits
- USDC Dollars- 8.6% on all USDC deposits.
These interest rates are paid in the underlying nominal crypto. For instance, after earning some interest on your BTC, you will receive the interest rate earnings in the form of BTC. This can work very well for you if the value of BTC increases but it can be very detrimental for your state of finances if the value goes down.
How does one apply for a BlockFi Account?
The signup process on BlockFi is very simple and quite simple, and you can actually get done in less than 2 minutes. Here is how it goes:
- Go to the BlockFi main website.
- Locate the “earn interest” option right in the homepage slider, or alternatively you can look for “Get Started” in the main menu.
- Enter your active email address, and enter your password to create a personal account.
- A verification code will be sent to the email address you entered.
- You can now log in to your account. Once you have logged in, select “Deposit” so that you can verify your identity as you get ready to make the first deposit.
- Enter your personal details, in the first phase of account verification.
- Upload your ID, passport, or driver’s license then wait for the account to be approved.
What are the Withdrawal Limits and Fees on a BlockFi Account?
As already highlighted, BlockFi offers one free withdrawal monthly. On the other occasions, here are the fees that you have to be ready to part with, based on the set withdrawal limits:
- You get charged 0.0025BTC on all BTC withdrawals. There’s a 100 BTC per week withdrawal
- You get charged 0.0015 ETH on all ETH withdrawals. There’s a 5K ETH per week withdrawal limit.
- You get charged 0.0025 LTC on all LTC withdrawals. There’s a 10K LTC per week withdrawal limit.
- You get charged a $0.25USD fee on all Stablecoins withdrawals. There’s a 1M Stablecoins per week withdrawal limit.
Is BlockFi Safe?
Yes. BlockFi is very safe. Its safety levels can be traced back to Gemini, the company’s main custodian. 95% of Gemini’s assets are held in cold storage facilities, while the rest are held in hot wallets that are covered by an insurance policy issued by Aon.
Gemini is quite popular in the crypto scene. It is also very professional, as can be supported by the manner in which it received the SOC2 compliance recognition from Deloitte, for doing an impressive task with the provision of custodial solutions.
Can you trade using a BlockFi.com account?
Absolutely yes! You can do so through BlockFi Currency Trading that allows you to manage your cryptos so that you can maximize your profitability. You can use BlockFi’s sophisticated platform to exchange various currency pairs between BTC, ETH, LTC, USDC as well as GUSD.
Is BlockFi Genuine?
Yes! BlockFi is 100% genuine. It has already received media coverage in the following platforms such as Bloomberg and Forbes. The fact that this company’s assets are held by Gemini, a firm that recently got the SOC2 compliance from Deloitte, goes a long way into convincing us that this company has your best interests at heart. BlockFi is definitely a company that I would recommend based on their realistic business models and the strategic partnerships with trustworthy firms that prove its legitimacy, as much as it joined the market very recently.
With a (4/5) star rating on Trustpilot, I believe this platform is doing a professional job and customers are enjoying its services.
Pros and Cons
- A very simple and easy to use platform.
- It has very competitive interest rates
- Cold storage for the crypto assets
- Still relatively new to the market.
That’s all for the BlockFi.com review today. I hope you enjoyed it and that it helped you establish whether it one that you can rely on in the future. It is one that I would personally recommend due to its safety and very competitive interest rates.
Manage your cryptos like a pro today- Go BlockFi.com.